That is, GE recognizes the potential for American energy independence with the discovery of new ways to extract oil and gas from shale rock across the United States.

"We are in the infancy of this oil and gas revolution and I think General Electric is looking to dominate the industry," Cramer said. "The acquisition of Lufkin is a step toward that dominance."

Lufkin, an oil pump maker, will nearly double revenues of GE's Oil & Gas unit, making it the company's third-largest manufacturing unit by revenue behind the power and water and aviation units.

If Jim Cramer is right and GE wants to dominate the space, it begs the question what could GE acquire next?

The Mad Money host has a few ideas.

"First, I'm thinking FMC Technologies, which makes subsea production and processing technology along with fluid control equipment, a natural complement to GE's existing pump business," Cramer said. "This $12 billion operation would be too big for most companies to swallow, but not General Electric with its huge balance sheet."

Cramer also thinks Chart Industries may be in play. "It's the dominant maker of the equipment that liquefies natural gas," Cramer said. "This one is a natural for GE to buy and it is also performing fabulously. This one's only $2.3 billion, an easy swallow for GE."

Daniel Acker | Bloomberg | Getty Images

Marcellus shale drill cuttings sit on a desk on an Alta Resources LLC drill site in Montrose, Pennsylvania, U.S.

Cramer also thinks Clean Harbors could be a potential takeover target. "If GE wants to boost their water management technology, they could buy this company. It cleans up spills and recycles waste substances in the oil patch, but sells for only $3.3 billion."

As noted above Cramer thinks General Electric is looking to dominate the domestic oil & gas industry. "The acquistion of Lufkin is a step toward that dominance," he said. "I think a purchase of FMC Technologies, Chart Industries, Clean Harbors or Core Labs would cement that leadership. I never recommend a company's stock on a potential takeover if I think the fundamentals are faltering. But all four of these companies are doing just fine."

* GE's acquisition of Lufkin at $88.50 per share represents a premium of more than 38 percent to the stock's Friday close.

On Monday April 8 2013, Jim Cramer owned shares of GE on behalf of his charitable trust.